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Question 21 Chapter 8 of +2-Part-1
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21. (Oversubscription/Prorata Allotment) Jaideep applied for 10,000 shares of Rs. 10 each in Simran Company. The amount being payable Rs. 2 on application Rs. 4 on allotment, Rs. 3 on first call and Rs. 1 on final call. He was allotted 8,000 shares. Excess money was retained for allotment . Pass necessary Journal entries.
The solution of Question 21 Chapter 8 of +2 Part-1: –
Journal | |||||
Date | Particulars | L.F. | Debit | Credit | |
a) | Bank A/c (10,000X2) | Dr. | 20,000 | ||
To Share Application A/c | 20,000 | ||||
(Being application money received on) | |||||
b) | Share Application A/c | Dr. | 20,000 | ||
To Share capital A/c | 16,000 | ||||
To Share allotment A/c | 4,000 | ||||
(Being 8,000 shares allotted & excess money refunded ) | |||||
c) | Share Allotment A/c (8,000 x 4) | Dr. | 32,000 | ||
To Share capital A/c | 32,000 | ||||
(Being allotment money due) | |||||
d) | Bank A/c (32,000 – 4,000) | Dr. | 28,000 | ||
To Share allotment A/c | 28,000 | ||||
(Being allotment money received in full) | |||||
e) | Share first Call A/c | Dr. | 24,000 | ||
To Share capital A/c | 24,000 | ||||
(Being final call money due on 22,000 share @ 30 per shares) | |||||
f) | Bank A/c | Dr. | 24,000 | ||
To Share First Call A/c | 24,000 | ||||
(Being of first call money received in full) | |||||
g) | Share final call A/c | Dr. | 8,000 | ||
To Share capital A/c | 8,000 | ||||
(Being final call money due on) | |||||
h) | Bank A/c | Dr. | 8,000 | ||
To Share final Call A/c | 8,000 | ||||
(Being balance of final call money received in full) | |||||
Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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